Saudi companies aim to seize opportunities in Africa

Khaled Al-Falih, the Saudi Minister of Investment, confirmed the increase in the number of French companies investing in several sectors in the Kingdom.

Al-Falih said in an interview with Al-Arabiya on the sidelines of the French-Saudi Business Forum in Paris that prestigious French companies such as Total, Airbus and Snovi are investing in Saudi Arabia.

He pointed out that these companies have a presence and are still investing more and concluding agreements and deals, explaining that it was announced today that the Flynas fleet of Airbus A320 aircraft has been doubled.

Al-Falih said, “We noticed a high percentage of French companies investing in new sectors in the joint investments between Saudi Arabia and France, including in the sectors of tourism, quality of life, hotels, museums, health tourism, technology, biotechnology, and space.”

He added that there are agreements between Saudi and French companies to manufacture materials in space stations, then bring them to Earth and benefit from them in very promising sectors.

Al-Falih continued, “Several years ago, we did not imagine that such investments would take place, and if they did, we would not have seen France as a source for such investments. The Saudi people have always viewed France as a famous cultural tourism country.”

He said that Saudi companies, including ACWA Power and Saudi Aramco, are looking for promising opportunities in developing countries in the fields of energy, water desalination and green hydrogen, explaining that Africa will be a source of opportunities, and this will be announced soon.